Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
During this bull cycle, the crypto market has been surfing off Bitcoin\u2019s crest and enjoying the bullish momentum. However, investors hope for a seismic explosion to impulse Altcoins to new highs. Related Reading: Lil Pump-And-Dump: SEC Issues Warning As More Musicians Dump Their Memecoins As the crypto industry awaits, online reports revealed that, since FTX\u2019s fall, only eight altcoins have hit a new all-time high (ATH) against Bitcoin. A crypto analyst shared his thoughts on the matter. Altcoins Underperforming Against Bitcoin This Cycle On Friday, Crypto analyst Miles Deutscher shared an interesting fact about the crypto market. Since November 2022, just eight altcoins have broken their previous ATH against the flagship cryptocurrency. To achieve this feat, tokens include Render (RNDR), Tellor (TRB), Injective (INJ), Astar (ASTR), SSV Network (SSV), SingularityNET (AGIX), True Wallet Token (TWT), and Binance Coin (BNB). It\u2019s worth noting that RNDR was the latest one to accomplish this on March 11 and that the list only contains altcoins launched before FTX\u2019s collapse. Deutscher explained that despite his initial shock, the news made sense to him and highlighted some takeaways based on the singularities of this run. First, the analyst considers that asset selection dynamics changed from previous cycles. Investors have been \u201cpunished\u201d for being overexposed to certain sectors like L2 and gaming and \u201crewarded\u201d for participating in others like Memecoins and AI. In contrast, in the last cycle, \u201cyou could basically bet on anything and beat $BTC.\u201d According to the analyst, the market will likely continue experiencing specific sector outperformance despite the retail liquidity injection. He also explained that \u201ccrypto is an attention economy,\u201d and money will flow where attention is. As a result, even the projects with the best technology won\u2019t perform if there isn\u2019t an exciting reason to buy. Deutscher\u2019s second takeaway highlights the market\u2019s current ATH dilution. As he points out, thousands of new products are being launched daily, and \u201clow float\/high FDV VC coins are launching in the billions.\u201d These launches are seemingly outpacing the new liquidity, resulting in Altcoins struggling with performance. More Room To Catch Up The analyst\u2019s third point explains that the bull run has been led by Bitcoin and spot BTC exchange-traded funds (ETH). Based on this, he considers it unsurprising that altcoins have \u201chardly pumped\u201d so far. Various crypto analysts and experts share this opinion. Alex Kr\u00fcger previously stated that the cycle has been \u201calmost entirely\u201d driven by the Bitcoin ETFs\u2019 momentum. Deutscher sees Altcoins\u2019 underperformance as a bullish signal since Bitcoin\u2019s dominance has been instrumental in previous cycles. To him, this performance allows \u201cmore room to play catch up\u201d and could drive altcoins to unseen highs. Related Reading: Is Solana Preparing For Liftoff Or Meltdown? Analysts Forecast SOL\u2019s Future The analyst believes the market needs another catalyst for a true Altcoins season. Despite this, he highlights that many investors have had a record Q1 \u201ceven in mildly bullish conditions for most alts.\u201d Ultimately, Deutscher considers there is still room to make big profits this cycle \u201ceven without the face-melting altseason we all crave.\u201d Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":590942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[91120,25731,142,428,11427,78790,26263,78803,87765,91187],"class_list":["post-610922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin-bullish","tag-altcoin-season","tag-altcoins","tag-bitcoin","tag-bnb","tag-btcusdt","tag-crypto-analyst","tag-ethusdt","tag-rndr","tag-spot-btc-etf"],"acf":[],"yoast_head":"\n
Only 8 Altcoins Have Broken ATH Vs Bitcoin Since FTX\u2019s Collapse<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n